JD Sports’ sales hit £4.7bn as trainers king ramps up athleisure drive
JD Sports said revenues grew 8.3 per cent to £4.7bn in the six months to the end of July, as the trainers champion continues to plough ahead with its athleisure expansion plans.
The shoe and sportswear stores reported a 25.8 per cent growth in statutory profit before tax to £375m and operating profit grew 20.2 per cent to £400m.
But group profit before tax slid by 0.5 per cent to £373.5m as the retailer said it ramped up investment in its supply chain and employees.
Chief executive Regis Schultz, a former B&Q executive, has spent the last year expanding the retail brand’s presence in the market, previously revealing that he would spend up to £3bn to open more than 1,000 new JD Sports in the coming years.
In May, he kicked off a £425m acquisition of leading French sports brand Courir and earlier this summer JD said it would open about 50 stores in the Middle East after agreeing its first franchise deal with Dubai-based GMG.
JD said it was on track to add more than 200 new stores globally by January 2024.
Previously, JD had said it would spend up to £3bn to open as many as 1,750 stores over five years in Schultz’s plan for the retailer to become an athletic leisurewear “powerhouse”.
Schultz said: “Looking ahead, our core consumers remain resilient in the face of the ongoing global macro-economic challenges.
“The JD brand continues to strengthen its global presence, supported by our strategic partnerships with much-loved brands and our strong balance sheet.”